Fusion-io shares fall 20% in premarket trading

NEW YORK (MarketWatch) -- Fusion-io Inc.
fio
shares dropped more than 20% in premarket trading after the company reported a loss in fourth-quarter earnings and weakened its revenue forecast. The data-storage company also suffered from multiple downgrades by analysts the day after the earnings release. The firm projected full-year revenue will increase 20% to between $80 million to $90 million; analysts had been projecting growth of 29% and revenue of $124 million. In the latest quarter, Fusion-io reported a loss of $23.8 million, or 24 cents a share, compared with a year-earlier loss of $2.4 million, or three cents a share. Revenue slipped 0.5% to $106.1 million, below the company's projection of $110 million and the firm reported operating expenses climbed 37%, including a 52% jump in sales and marketing costs.

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